India Aims for Rs 3 Lakh Crore Defence Production and Rs 50,000 Crore Exports by 2029: Defence Minister

India’s drive towards self-reliance in defence is on an ambitious path, with the government setting significant targets for the sector by 2029. At an event in Thiruvananthapuram, Defence Minister Rajnath Singh laid out a bold vision, highlighting the country’s goal to achieve Rs 3 lakh crore in defence production and Rs 50,000 crore in defence exports by 2029. This push aligns with Prime Minister Narendra Modi’s broader vision of an ‘Aatmanirbhar Bharat’ or self-reliant India, which emphasizes the importance of indigenous capabilities in every sector, especially in defence.

The Defence Minister's announcement is a testament to the strides India has made in recent years. Historically, India was heavily dependent on imports to meet its defence needs, with up to 70% of its military equipment coming from abroad. However, this scenario has undergone a significant transformation. Today, India manufactures approximately 65% of its defence equipment domestically, with only 35% being imported. This shift underscores the government's commitment to reducing dependence on foreign suppliers and boosting local manufacturing capabilities.

One of the pivotal steps in this direction has been the establishment of Defence Industrial Corridors in Uttar Pradesh and Tamil Nadu. These corridors are designed to create a robust ecosystem for defence production and innovation, fostering collaboration between government, industry, and academia. Additionally, the Ministry of Defence has issued five Positive Indigenisation Lists, which include more than 5,500 items that are to be manufactured domestically. This move is aimed at enhancing self-reliance and reducing the import burden on the country.

The collaboration between India and global defence companies is also a key factor in achieving these ambitious targets. During a recent visit to the United States, Rajnath Singh engaged in fruitful discussions with American defence firms, who expressed enthusiasm for participating in the ‘Make in India’ program. A significant outcome of this partnership is the decision to manufacture GE-414 jet engines in India, a move that marks a milestone in the country’s engine-making capabilities.

The Defence Minister highlighted that India’s defence production has already crossed Rs 1.27 lakh crore annually, and the target for the current fiscal year is set at Rs 1.75 lakh crore. This trajectory of growth is a clear indicator that the Rs 3 lakh crore target by 2029 is not just aspirational but achievable.

On the export front, India is also making impressive progress. In the financial year 2023-24, defence exports crossed Rs 21,000 crore, reflecting the growing global demand for Indian-made defence equipment. The target to reach Rs 50,000 crore in exports by 2029 is ambitious, but with the current momentum, it seems well within reach. This export growth is expected to be fueled by India's expanding capabilities in manufacturing advanced military hardware, including missiles, aircraft, and naval vessels, which have garnered interest from countries around the world.

Rajnath Singh also took the opportunity to reflect on India's rising stature on the global stage. He cited Prime Minister Modi’s recent diplomatic efforts in conflict zones like Russia and Ukraine, where Modi has emerged as a key voice. This growing influence is also reflected in the numerous international honors bestowed upon the Prime Minister, including Russia’s highest civilian award. Such recognition not only enhances India’s global standing but also strengthens its defence partnerships.

The Defence Minister’s speech also touched on the broader context of India’s economic growth and stability. Since 2014, India’s economy has transformed from being one of the ‘Fragile Five’ to one of the ‘Fabulous Five,’ with a consistent growth rate that has positioned the country as the world’s fifth-largest economy. Looking ahead, projections suggest that India could become the third-largest economy by 2027, driven by its robust growth and investment in critical sectors like defence.

In conclusion, the ambitious targets set for defence production and exports by 2029 are a clear reflection of India’s determination to achieve self-reliance and establish itself as a global defence powerhouse. With the continued support of the government, industry, and international partners, India is well on its way to realizing this vision, ensuring not only its own security but also contributing to global peace and stability.